RHI Magnesita N.V. released first-half 2026 results showing mixed top-line trends alongside notable margin improvement.
Sales and volumes
The company recorded sales of €1,595 million for the first half. This represents a 5% decline on a reported basis versus the prior year but was unchanged on a constant currency basis. Volumes contracted by 2.7% over the period.
Profitability
Adjusted earnings before interest, tax and amortization (EBITA) reached €165 million, an increase of 17% compared with the same period a year earlier and a 42% rise on a constant currency basis. The adjusted EBITA margin expanded to 10.3%, up 190 basis points versus the prior-year half, a development management attributes to cost reduction measures and price adjustments.
Earnings per share totaled €1.81, up 32% year-over-year. The company reported a refractory margin contribution of 9.5%, an improvement of 220 basis points from the prior year. Raw materials made a 0.9% contribution to margins, down from 1.1% in the first half of 2025.
Balance sheet and leverage
Net debt at the half-year point was €1,528 million, translating into leverage of 2.9 times, unchanged from the level reported on December 31, 2025.
Guidance and outlook
The company reiterated its full-year adjusted EBITA target of €400 million. That outlook incorporates an expected foreign exchange headwind of €35 million and assumes that self-help measures will produce €45 million of benefits during the year.
In sector-specific commentary, management said the outlook for steel markets is improving, while conditions in industrial markets remain more challenging, particularly for industrial projects. By contrast, order books for the non-ferrous and glass segments are picking up.
Working capital and year-end targets
RHI Magnesita expects working capital intensity to be 22% by year-end, reflecting an unwind of a temporary inventory build recorded in the first half. Management projects net debt to fall to roughly €1,400 million by year-end, with the net debt to EBITDA ratio moving toward 2.6 times.
This report presents the company-provided results and management commentary for H1 2026, alongside reiterated full-year targets and balance-sheet expectations.